- People act with full information.
Full External Knowledge
Assumptions of the Standard Economic Model of Consumer Behavior - People act with full information.
- People have known preferences.
Full External Knowledge
Full Internal Knowledge
Assumptions of the Standard Economic Model of Consumer Behavior - People act with full information.
- People have known preferences.
- People choose the best option available.
Full External Knowledge
Full Internal Knowledge
Rational Choices
Assumptions of the Standard Economic Model of Consumer Behavior - People act with full information.
Full External Knowledge
No matter how complex the situation, a human being can always figure out which choices are available and which are unavailable
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